Swire Shipping Limited signed a definitive agreement to acquire Westwood Shipping Lines, Inc. from The Sumitomo Warehouse Co., Ltd..
April 27, 2022
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Swire Shipping Limited signed a definitive agreement to acquire Westwood Shipping Lines, Inc. from The Sumitomo Warehouse Co., Ltd. (TSE:9303) on April 28, 2022. In related transaction SW Maritime vessels owned by The Sumitomo Warehouse Co., Ltd. are also transferred to swire shipping limited Jeremy Sutton, Chief Operating Officer, Swire Shipping, said after the closing of the acquisition, Westwood will continue to provide its current services with its strong team of professionals. Westwood will also retain its name. The sale is pending regulatory approval and the satisfaction of customary closing conditions. The transfer of shares is expected to get Completed by June 2022.
Sumitomo Warehouse Co Ltd is a Japan-based company mainly engaged in the integrated logistics business. The Company operates through three business segments. The Logistics segment is engaged in the warehousing, harbor transportation, international transportation and land transportation, as well as the development of software related to its logistics business. The Marine Transportation segment is engaged in the freight transportation using ships, and the operation of marine transportation agents. The Real Estate segment is engaged in the trading, leasing and management of business offices and lands.